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Tag Archives: Chapter11
Four Ways Small Businesses Benefit from Chapter 11 Bankruptcy
Chapter 11 bankruptcy is often portrayed as an option that is limited to billion-dollar corporations. However, your local Kansas City business—no matter its size— can enjoy the same protections Chapter 11 provides for giant companies. Here are four ways filing for Chapter 11 can help a business get back on track. 1. Stay Open Many business owners think of bankruptcy as synonymous with closing. The opposite is true. If your business is on the verge of closing due to creditor actions or foreclosure, a Chapter 11 bankruptcy filing is the first step you can take to stop the actions creditors take against the business. Instead of marking failure, this Chapter of bankruptcy is specifically designed as a second chance for businesses, because it allows businesses to stay open while restructuring their debts. 2. Reclaim Control of the Quality of Products and Services With financial affairs restructured, the business has more…
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Bet You Didn’t Know that GM’s Bankruptcy Saved the Iconic Corvette
The Chevrolet Corvette is an icon of the American automotive industry. The latest generation of Corvettes—the C7—is considered one of the best examples of the legendary car to date. But would it surprise you to learn that the C7 was almost never produced? Today we are going to explore the history of this iconic vehicle, and how bankruptcy played a part in its salvation. Saving the Chevrolet Corvette: A Tale of Chapter 11 Bankruptcy Success Known for its sleek body lines, powerful engine and sporty stance, the Corvette has always been at the center of American motorsport. That being said, the car is also no stranger to adversity. In the early 1990s, GM had fallen into rough financial times, so executives cancelled the Corvette program. Luckily, a group of dedicated individuals made a desperate attempt to save the car from corporate destruction. It worked, and the Corvette continued to be…
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Could Bankruptcy Save Local Pharmacies?
According to the Missouri Pharmacy Association’s CEO, times are tough for independent pharmacies in our state. Large competitors, falling prescription rates and fewer people filling prescriptions are taking a toll on corner drug stores. However, some of these pharmacies are finding relief and staying open thanks to bankruptcy. How Can Bankruptcy Help Local Pharmacies? In 2016, Family Pharmacy Inc. filled around 1.4 million prescriptions. By 2017, that number had fallen to just 1 million. This caused profits for the company to drop. In 2015, the company saw $686,000 in profits. By 2017 it had lost $7.5 million. Due to this loss, the company filed for Chapter 11 bankruptcy, but the company has no intention of closing. Chapter 11 bankruptcy filings can help provide a structure for businesses to repay their debts through a court-supervised reorganization. The court and a committee of the business’ creditors will work together with business owners…
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